Shopify (NYSE:SHOP) Sets New 52-Week Low Following Analyst Downgrade


Shopify Inc. (NYSE:SHOP – Get Rating) (TSE:SHOP)’s stock price reached a new 52-week low during trading on Wednesday after Stifel Nicolaus lowered their price target on the stock from $650.00 to $65.00. Stifel Nicolaus currently has a buy rating on the stock. Shopify traded as low as $33.25 and last traded at $33.15, with a volume of 152954 shares. The stock had previously closed at $35.03.

SHOP has been the subject of several other reports. Veritas Investment Research lowered Shopify from a “buy” rating to a “sell” rating in a research note on Thursday, May 5th. TheStreet lowered Shopify from a “c” rating to a “d+” rating in a research note on Tuesday, May 24th. Wells Fargo & Company assumed coverage on Shopify in a research note on Monday, April 4th. They issued an “overweight” rating and a $83.40 price target for the company. Jefferies Financial Group cut their price target on Shopify from $55.00 to $47.50 in a research note on Monday, May 23rd. Finally, KeyCorp cut their price target on Shopify from $100.00 to $65.00 in a research note on Monday, May 2nd. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $91.73.

Large investors have recently made changes to their positions in the stock. Capital Investment Advisors LLC lifted its stake in Shopify by 11.3% in the fourth quarter. Capital Investment Advisors LLC now owns 344 shares of the software maker’s stock worth $474,000 after purchasing an additional 35 shares during the last quarter. Brookstone Capital Management raised its stake in shares of Shopify by 15.8% during the fourth quarter. Brookstone Capital Management now owns 1,295 shares of the software maker’s stock valued at $1,482,000 after acquiring an additional 177 shares in the last quarter. Hoffman Alan N Investment Management raised its stake in shares of Shopify by 52.5% during the fourth quarter. Hoffman Alan N Investment Management now owns 433 shares of the software maker’s stock valued at $621,000 after acquiring an additional 149 shares in the last quarter. Bank of New Hampshire raised its stake in shares of Shopify by 7.3% during the fourth quarter. Bank of New Hampshire now owns 161 shares of the software maker’s stock valued at $222,000 after acquiring an additional 11 shares in the last quarter. Finally, Stonnington Group LLC raised its stake in shares of Shopify by 228.9% during the fourth quarter. Stonnington Group LLC now owns 12,789 shares of the software maker’s stock valued at $14,801,000 after acquiring an additional 8,900 shares in the last quarter. 62.60% of the stock is owned by hedge funds and other institutional investors.

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The company’s 50 day moving average price is $43.40 and its two-hundred day moving average price is $71.92. The company has a quick ratio of 11.84, a current ratio of 11.84 and a debt-to-equity ratio of 0.12. The stock has a market cap of $3.93 billion, a P/E ratio of 24.99 and a beta of 1.82.

Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) last posted its quarterly earnings results on Thursday, May 5th. The software maker reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.03). Shopify had a net margin of 3.77% and a return on equity of 1.94%. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the prior year, the firm posted $0.13 EPS. The business’s revenue was up 21.7% on a year-over-year basis. As a group, equities research analysts forecast that Shopify Inc. will post -4.35 earnings per share for the current year.

About Shopify (NYSE:SHOP)

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.

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